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Bank Holidays 2023 list: If you have any financial transactions to undertake during this month, it is crucial to be aware of the bank holidays for October 2023 which are applicable in your state.
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5:13 PM
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The 30-share BSE Sensex rose by 173.22 points or 0.26 per cent to settle at 66,118.69. The Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45. Among the Sensex firms, Larsen & Toubro, ITC, Sun Pharma, Maruti, Reliance Industries, Axis Bank, IndusInd Bank and Hindustan Unilever were among the gainers. Titan, State Bank of India, ICICI Bank, HDFC Bank, Tata Steel and Nestle were the major laggards.
3:10 PM
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India plans to sell 50-year bonds for the first time to meet the growing demand from insurance and pension funds. This move is aimed at extending the nation's yield curve and reducing the government's reliance on bank purchases to fund its record borrowings. The sale reflects the increasing influence of life insurers and pension funds in India's sovereign debt market.
11:11 AM
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Shares hit a three-week low as concerns over higher interest rates and their impact on growth continue to weigh on investor sentiment. The Nifty 50 fell 0.5% to 19,558 points, while the S&P BSE Sensex was down 0.6% to 65,557 points. Both benchmarks are down about 3% after reaching all-time highs earlier this month.
11:10 AM
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Oil prices declined due to concerns about lower fuel demand caused by central banks keeping interest rates high. Brent crude futures dropped to $92.91 a barrel, while US West Texas Intermediate crude futures fell to $89.34. The US Federal Reserve and the European Central Bank have both expressed their commitment to fighting inflation, which could lead to longer-lasting tight policies and slower economic growth.
5:12 AM
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RBI Governor Shaktikanta Das has expressed concern over the excessive domination of boards of large commercial banks by a few directors. Speaking to directors of urban cooperative banks, Das emphasized the need for free and frank board discussions and rotation of directors. He also highlighted the importance of stringent underwriting standards and protecting the interests of depositors. Additionally, Das stressed the significance of good governance, compliance, risk management, internal audit, and leadership in differentiating between good and bad banks. He suggested that commercial banks choose directors with expertise in specific areas like IT and credit.
8:13 PM
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The RBI has imposed penalties on SBI, Indian Bank, and Punjab & Sind Bank, for violating various regulatory norms. SBI has been fined Rs 1.3 crore for non-compliance with certain directions on loans and advances, while Indian Bank has been fined Rs 1.62 crore for contravening directions on loans and advances, KYC, and interest rates on deposits. Punjab & Sind Bank has been penalized Rs 1 crore for non-compliance with provisions of the depositor education and awareness fund scheme.
1:10 PM
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The Reserve Bank of India (RBI) is expected to maintain the key repo rate at its next review in October, according to SBI Research. The report suggests that inflation is unlikely to tread below 5% for the rest of the financial year, and therefore the RBI's stance should continue to withdraw accommodation. The RBI has held the repo rate unchanged at 6.5% in its past three meetings, but raised it by 250 basis points since May 2022 to fight inflation.
11:10 AM
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Rising debt payments are eroding the spending power of Indian households and threatening to choke off the funds that fuel the fastest-growing major economy. Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing and consumption, eased to 5.1% of gross domestic product in the fiscal year ended March from 7.2% in the previous year, according to the latest data from the Reserve Bank of India.
9:12 AM
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India's 2,000-rupee banknote, introduced in 2016 to remonetize the economy, will be withdrawn by the Reserve Bank of India on September 30. Despite the May announcement, there are still almost 240 billion rupees ($2.9 billion) worth of the notes in circulation. While the notes will remain legal tender, they will not be accepted for transactions and can only be exchanged with the RBI.
2:11 AM
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The Reserve Bank of India (RBI) has issued a draft master direction on the treatment of wilful defaulters, allowing borrowers to remove the tag by reaching a compromise settlement with banks. The new rules aim to provide a transparent procedure for classifying borrowers as wilful defaulters while complying with the principles of natural justice. However, some criminal cases may lose ground as a result.
4:10 PM
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China's room for further monetary policy easing is limited, according to a central bank adviser. Instead of relying on macroeconomic policies, the adviser suggests pursuing structural reforms such as encouraging entrepreneurship to revive growth. The economy has struggled despite previous monetary and fiscal measures, with weak consumption, falling exports, and a deepening property debt crisis.
11:11 AM
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The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week. The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week. However, Hindustan Unilever added Rs 2,913.49 crore taking its valuation to Rs 5,83,239.04 crore. The mcap of TCS climbed Rs 1,024.53 crore to Rs 13,18,228.14 crore.
9:10 AM
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Former US treasury secretary Larry Summers has stated that India needs to achieve an 8% growth rate in order to bring about significant changes in the lives of its people. He also called for increased capital and expanded mandates for multilateral development banks (MDBs) such as the World Bank.
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